Covenant Logistics Group, Inc. (NASDAQ:CVLG) Director Sells $417,480.00 in Stock

Covenant Logistics Group, Inc. (NASDAQ:CVLG) Director Bradley A. Moline sold 7,000 shares of the business’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $59.64, for a total value of $417,480.00. Following the transaction, the director now directly owns 46,992 shares of the company’s stock, valued at approximately $2,802,602.88. This represents a 12.96 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

Covenant Logistics Group Stock Down 2.0 %

Covenant Logistics Group stock opened at $59.20 on Friday. Covenant Logistics Group, Inc. has a 1-year low of $40.72 and a 1-year high of $61.54. The stock has a market cap of $780.26 million, a PE ratio of 19.86 and a beta of 1.35. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.10 and a quick ratio of 1.07. The stock’s fifty day moving average is $52.87 and its two-hundred day moving average is $50.63.

Covenant Logistics Group (NASDAQ:CVLG) last announced its quarterly earnings results on Wednesday, October 23rd. The company reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.01. Covenant Logistics Group had a return on equity of 13.43% and a net margin of 3.72%. The firm had revenue of $287.89 million during the quarter. During the same period last year, the company earned $1.13 earnings per share. On average, sell-side analysts expect that Covenant Logistics Group, Inc. will post 4 EPS for the current fiscal year.

Covenant Logistics Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were given a $0.11 dividend. The ex-dividend date was Friday, September 6th. This represents a $0.44 dividend on an annualized basis and a yield of 0.74%. Covenant Logistics Group’s dividend payout ratio (DPR) is presently 14.47%.

Hedge Funds Weigh In On Covenant Logistics Group

Several large investors have recently bought and sold shares of CVLG. Allspring Global Investments Holdings LLC grew its position in shares of Covenant Logistics Group by 132.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 4,161 shares of the company’s stock worth $193,000 after acquiring an additional 2,368 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in Covenant Logistics Group by 296.9% during the 1st quarter. BNP Paribas Financial Markets now owns 8,645 shares of the company’s stock worth $401,000 after purchasing an additional 6,467 shares during the period. Russell Investments Group Ltd. grew its position in Covenant Logistics Group by 252.6% during the 1st quarter. Russell Investments Group Ltd. now owns 29,041 shares of the company’s stock worth $1,346,000 after purchasing an additional 20,805 shares during the last quarter. State Board of Administration of Florida Retirement System acquired a new position in Covenant Logistics Group in the first quarter valued at $304,000. Finally, Foundry Partners LLC raised its holdings in shares of Covenant Logistics Group by 11.3% in the first quarter. Foundry Partners LLC now owns 81,830 shares of the company’s stock valued at $3,794,000 after buying an additional 8,279 shares during the last quarter. Institutional investors and hedge funds own 83.72% of the company’s stock.

Wall Street Analyst Weigh In

Separately, TD Cowen dropped their price objective on shares of Covenant Logistics Group from $70.00 to $69.00 and set a “buy” rating on the stock in a research report on Friday, October 25th.

Covenant Logistics Group Company Profile

Covenant Logistics Group, Inc, together with its subsidiaries, provides transportation and logistics services in the United States. It operates through four segments: Expedited, Dedicated, Managed Freight, and Warehousing. The Expedited segment primarily provides truckload services with high service freight and delivery standards, such as 1,000 miles in 22 hours or 15-minute delivery windows.